Here’s the report from our friends* at the Austin American-Statesman, who have been covering the shenanigans that started when Texas pols started knocking Cooley’s high rates and potential conflicts with firm clients. Then came the Texas AG, who said he wouldn’t approve a contract with the firm. Former SEC commish and Cooley hotshot Roel Campos was the $750-an-hour man on the account.

Cooley finally threw up its hands and said “it does not serve the best interests of TRS to prolong the discussion over how to deal with prospective conflicts that might arise if the retirement system sought to invest in one of the law firm’s clients, many of whom are venture capital and money management firms, private equity funds and other entities,” the Statesman reported.

The lesson is here is of course: Don’t mess with Texas, especially when you’re charging ’em $750 an hour.

— Zusha Elinson

*We do not technically have friends at the Austin American-Statesman. But they sound like a swell bunch.